R-15.1 - Supplemental Pension Plans Act

Section 146.7Versions

146.7.The maximum amount of surplus assets that may be used is equal to the lesser of the following amounts, determined at the date of the actuarial valuation:

(1) the amount by which the surplus assets determined on a funding basis exceed the minimum set under paragraph 1 of section 146.6; and

(2) the amount by which the surplus assets determined on a solvency basis exceed the minimum set under paragraph 2 of that section.

In the case of a partial actuarial valuation, the maximum amount of surplus assets is equal to the lesser of the amounts given by the actuary who certifies that a complete actuarial valuation carried out at the date of the valuation would have allowed the determination, in accordance with the first paragraph, of amounts equal to or greater than the amounts given.

146.7.From their effective date, the provisions of the pension plan resulting from an amendment under section 146.5 or 146.8 that concern the employer’s right to appropriate all or part of the surplus assets to the payment of the value of the additional obligations arising from any amendment to the plan or to the payment of employer contributions prevail over any other provision of the plan or of an agreement and are binding on every person having rights or obligations under the plan.

146.7.From their effective date, the provisions of the pension plan resulting from an amendment under section 146.5 or 146.8 that concern the employer’s right to appropriate all or part of the surplus assets to the payment of employer contributions prevail over any other provision of the plan or of an agreement and are binding on every person having rights or obligations under the plan.